FORTY-SEVENTH LEGISLATURE

FIRST SESSION, 2005

February 2, 2005

Mr. Speaker:

    Your EDUCATION COMMITTEE, to whom has been referred

HOUSE BILL 55

has had it under consideration and reports same with recommendation that it DO PASS, amended as follows:

     1. On page 5, line 18, after "fund" insert "in accordance with the Uniform Prudent Investor Act".

     2. On page 5, line 18, after the period, strike the remainder of the line and strike lines 19 through 22 in their entirety.

     3. On page 5, strike lines 23 through 25 in their entirety and on page 6, strike lines 1 and 2 in their entirety and insert the following new subsection to read:

          "B. The board shall provide quarterly performance reports to the legislative finance committee and the department of finance and administration. Annually, the board shall ratify and provide its written investment policy, including any amendments, to the legislative finance committee and the department of finance and administration.".